2025年12月30日，中信建投-中国建筑商业物业持有型不动产资产支持专项计划（代码：267556.SH）在上海证券交易所成功设立，标志着中建地产成功发 行中建集团首单写字楼持有型不动产ABS（机构间REITs）。该产品是中建集团首个机构间REITs平台、首单写字楼机构间REITs产品，也是天津区域首单 央企机构间REITs产品。 中建地产精心筹划，汇聚各方合力，战略联动中建资本，高效开展项目发行全过程活动，成功推动以中建地产中建中心写字楼物业为标的资产，最终按询 价区间上限溢价完成发行。该产品成功搭建集团首个机构间REITs平台，成为存量资产盘活与金融资本运作的重要实践，同时具备持续扩募能力，为打 造"投建融运管退"全周期商业模式树立实践样板案例。 此次发行积极响应监管政策导向，突破传统债性融资逻辑，强化权益属性设计，旨在实现资产长期运营和平台价值提升，成为上海证券交易所2025年度在 机构间REITs方面重点打造和落地的权益类杠杆产品，不仅填补了天津区域央企在持有型不动产证券化领域的空白，也为区域内同类资产盘活与资本运作 打造了示范标杆。 中建地产将以此为契机，进一步挖掘与培育优质存量资源，持续提升资产运 ...

申万宏源高度重视本次合作，充分发挥自身在资产证券化领域的专业服务优势。 项目推进过程中，申万宏源固定收益融资总部协同 FICC 事业部、宏源汇智投资有限 公司凭借丰富的市场经验与精准的定价能力，全程保障项目发行工作的顺利推进，获 得了原始权益人及各合作方的充分认可。 2025 年 12 月 24 日，由申万宏源证券担任主承销商的"平安证券 - 铁建投资 集团持有型不动产资产支持专项计划"在上海证券交易所正式设立。该项目是申万宏 源发行的首单央企持有型不动产 ABS （机构间 REITs ）项目、首单写字楼物业持 有型不动产 ABS （机构间 REITs ）项目，标志着我司在不动产证券化领域实现央 企合作与细分物业类型的双重突破，为行业同类项目发行提供了重要实践范本。 图片 本次发行的专项计划原始权益人为中国铁建投资集团有限公司，项目总发行规模 为 7.48 亿元，发行期限约 28 年，本次项目采用市场化询价机制，最终实现产品溢 价发行，充分彰显了市场对项目底层资产质量与运营管理能力的高度认可。专项计划 底层资产为珠海铁建大厦，作为优质写字楼物业，具备稳定的收益潜力与良好的市场 认可度。为投资者提供了长期稳健的 ...

近期，上交所债券项目信息平台的一则进展公告，勾勒出京东在不动产证券化领域的新动作。 据悉，"京东高和现代化基础设施持有型不动产资产支持计划"正式进入审核流程，目前处于"已反馈"状态，拟发行金额达21亿元，品种为持有型不动产ABS （即机构间REITs）。 这也是2023年2月京东发行首单民营企业仓储物流公募REITs之后，又一次对不动产证券化的探索，同时这种探索正从公募REITs向私募赛道正式延伸。在政 策引导与企业存量资产盘活需求的双重驱动下，机构间REITs已成为资本市场服务实体经济的重要创新工具。 上交所信息显示，"京东高和现代化基础设施持有型不动产资产支持计划"的原始权益人为上海京鸿宇企业发展有限公司，间接全资股东为香港宇培物流资产 发展有限公司，实际控制人为刘强东。2021年，京东集团旗下京东智能产业发展集团（简称"京东产发"）完成对中国物流资产控股有限公司（前身为上海宇 培（集团）有限公司）的收购，持股37.02%。 值得关注的是，该项目通过引入高和资本，创新性地在资产支持计划与底层项目公司之间嵌入私募基金结构，形成了"私募基金+ABS"的双层架构，为资产 盘活提供了更灵活的操作路径。 | 债券名 ...

中经记者 郭阳琛 张家振 上海报道 公开资料显示，高和资本成立于2009年10月，已成长为国内领先的商业地产私募股权基金和国内不动产 证券化的开拓者和推动者。高和资本在商业不动产领域总投资约500亿元，并推动完成不动产证券化产 品（包括CMBS、类REITs和公募REITs）备案约260亿元。 "我们非常欣赏英格卡购物中心在产品创新和运营领域的实力，其为中国消费者打造了聚会及消费场景 和体验。"高和资本方面表示，荟聚项目持续成功，充分印证了英格卡购物中心中国团队的管理能力， 也使高和资本更加确信，国际经验与本土创新的深度融合将引领中国购物中心未来发展。 （编辑：张家振 审核：童海华 校对：颜京宁） 英格卡购物中心方面向《中国经营报》记者表示，在这一新合作模式下，英格卡购物中心将继续持有荟 聚品牌，并继续以荟聚品牌独家管理和运营所有聚会体验中心。这一战略合作不仅有助于英格卡购物中 心充分发挥运营专长，确保业务的稳定延续以及与本地社区的联结，更为英格卡集团未来的增长和合作 开辟了新机。 值得一提的是，宜家中国将于无锡荟聚内开设并运营一家新的门店。宜家无锡商场现有物业资产将作为 交易的一部分，改造为无锡荟聚全新的租 ...

12月3日，上交所债券项目信息平台显示，"京东高和现代化基础设施持有型不动产资产支持专项计划"正式获受理，该项目拟 发行金额21亿元，品种为持有型不动产ABS（机构间REITs，俗称的私募REITs）。 京东拓展REITs版图：公募之外切入私募赛道 此前京东在不动产证券化领已发行一单公募REITs（仓储物流REITs代码508098），并已于 2025 年 7 月启动扩募，拟购入西 安、合肥两项目，目前处于推进阶段。 本次"京东高和"专项计划对应的机构间REITs属于私募范畴，意味着其在商业不动产资产证券化中，进一步覆盖了不同层级的 资本市场工具，可适配更多元的资产规模与退出需求，且后续可通过衔接公募实现转板上市。 免责声明 | 债券名称 | 京东高和现代化基础设施持有型不动产资产支持专项计划 | | --- | --- | | 忠臣 | ABS | | 拟发行金额(单位:亿元) | 21 | | 原始权益人 | 上海京鸿宇企业发展有限公司 | | 计划管理人 | 渤海汇金证券资产管理有限公司 | | 交易所确认文件文号 | - | | 项目状态 | 已受理 | | 更新日期 | 2025-12-03 | | ...

Core Viewpoint - Wanda Group, known for its asset sales, has recently made a rare purchase by acquiring Yantai Zhifu Wanda Plaza, indicating a potential shift in its strategy as it navigates through challenging times [1][3]. Company Changes - Yantai Zhifu Wanda Plaza Co., Ltd. underwent a change in ownership, with Shanghai Wanda Ruichi Enterprise Management Co., Ltd. becoming the sole shareholder, and Wu Hua appointed as the new legal representative [1][2]. - Just one day after the acquisition, the ownership changed again, with Suzhou Lianshang Jiuhao Commercial Management Co., Ltd. taking full control and changing the legal representative to Miao Zhou [4][5]. Financial Aspects - The acquisition and subsequent sale of Yantai Zhifu Wanda Plaza occurred at the same price of 708 million RMB (approximately 100 million USD), resulting in no financial gain for Wanda Group from this transaction [7]. - The plaza has been a significant commercial center in Yantai, with a near 100% occupancy rate for its retail spaces and an annual rental yield exceeding 5% [7][10]. Strategic Implications - The new owner, Suzhou Lianshang Jiuhao, is backed by Zhonglian Qianyuan Real Estate Fund Management Co., Ltd., which has strong connections to various state-owned enterprises, suggesting a strategic focus on real estate investment trusts (REITs) [10][11]. - Zhonglian Fund has been actively acquiring Wanda plazas, indicating a broader strategy to develop REITs based on commercial properties, which could reshape the investment landscape for such assets [10][12]. Market Context - Over the past two years, Wanda Group has sold over 80 plazas, representing about 25% of its original asset holdings, as part of a strategy to alleviate debt pressures following a failed IPO [11][12]. - The recent asset sales have attracted significant interest from major buyers, including insurance companies like Xinhua Insurance and Sunshine Insurance, indicating a robust market for commercial real estate [11][12].

Core Insights - The "2025 Shenzhen International Financial Conference" focuses on the theme of "Building a Financial Power and High-Level Opening of the Greater Bay Area" [2] - Wang Zhongmin emphasizes the transition from a heavy asset model to a capital-intensive strategy as essential for innovation and financial strength in the digital age [4][5] Group 1: Transition to Light Assets - Companies are encouraged to adopt a "light asset" approach to mitigate risks associated with heavy assets, especially in the context of rapid technological changes [4][5] - The traditional heavy asset model is increasingly challenged by the fast pace of technological innovation, making it difficult for companies to recover investments in fixed assets [5] Group 2: Importance of Heavy Capital - "Heavy capital" is identified as a crucial support for innovation, with a structured capital pathway from startups to publicly listed companies [5] - Initial funding stages should leverage angel investments and venture capital to optimize capital structure quickly, while growth stages can utilize social security funds and international capital to create a risk-sharing ecosystem [5] Group 3: Capital Market Reforms - Wang praises the registration system for enhancing the heavy capital ecosystem by allowing more efficient capital flow to tech innovation companies while protecting founders' rights [5][6] - Innovations in financial instruments, such as real estate securitization, can transform heavy assets into liquid financial products, thereby revitalizing existing assets [6] Group 4: Strategic Investments - Large companies are urged to adopt a "heavy capital" strategy by investing 10%-20% of their resources into small and medium-sized enterprises (SMEs) to foster innovation within the supply chain [6] - Successful projects can offset the societal costs of failures, highlighting the importance of a collaborative ecosystem where all participants in the supply chain benefit [5][6]

Core Viewpoint - The 10th Real Estate Securitization Cooperation Development Conference highlighted the achievements of Dongfang Jincheng, which was awarded "Best Rating Agency of the Year" for its contributions to the real estate securitization market [1] Group 1: Company Achievements - Dongfang Jincheng was recognized for its outstanding performance in innovative projects within the real estate securitization sector [1] - The company has demonstrated strong rating expertise across both traditional and emerging asset types, including REITs [1] Group 2: Market Trends - The Chinese real estate securitization market is entering a new phase of innovation and expansion, driven by the expansion of public REITs trials and ongoing green finance policies [1] - There is an increasing demand for professional rating services as the market evolves, particularly in the areas of green finance and cross-border securitization products [1] Group 3: Future Outlook - Dongfang Jincheng plans to deepen its research in real estate securitization, green finance, and supply chain finance, aiming to optimize rating methodologies and models [1] - The company is committed to providing more accurate and efficient credit rating services to support national dual carbon strategy goals [1]

Financial Performance - In the first three quarters of 2025, the company achieved revenue of 119.33 billion yuan (+5.20% year-on-year) and a net profit attributable to shareholders of 1.98 billion yuan (+16.46%) [1] - For Q3 2025, revenue was 38.22 billion yuan (+5.41%), with a net profit attributable to shareholders of 530 million yuan (+8.46%) [1] - The company's cash flow from operating activities improved, with a net increase of 341 million yuan compared to the same period last year, primarily due to enhanced collection of accounts receivable [1] Strategic Initiatives - The company is deepening its "Three New, Two Transformations" strategy, focusing on new products, new retail, new medical services, and digitalization [2] - The CSO business generated revenue of 14.73 billion yuan in the first three quarters, with pharmaceutical sales of 8.74 billion yuan (+15.26%) [2] - The number of self-operated and franchised pharmacies reached 33,275, with sales revenue from franchise pharmacies at 5.40 billion yuan (+43.40%) [2] - The "Nine Medical Clinics" membership stores reached 3,000, with a target of 10,000 in three years, and over 490 new products introduced in the first three quarters [2] - R&D investment in Q1-Q3 2025 was 229 million yuan, with 1,591 technical personnel, and 34 digital projects implemented [2] Market Position and Valuation - The company maintains a leading position in the out-of-hospital distribution sector, with a projected net profit attributable to shareholders of 2.69 billion yuan, 2.82 billion yuan, and 3.11 billion yuan for 2025-2027, corresponding to a PE ratio of 10, 9, and 8 times [3] - The company is rated as a "Buy" due to its improving cash flow and market leadership [3] Real Estate Securities - The public REIT "Jiuzhoutong R" was successfully listed in February 2025, raising 1.16 billion yuan with a subscription multiple of 1,192 times [2] - The closing price of the Huatai Jiuzhoutong Medical REIT (508084) increased by 43.28% compared to the benchmark price, with a maximum increase of 51.81% during the period [2]

Core Insights - Company achieved operating revenue of 81.106 billion yuan, a year-on-year increase of 5.10% [1] - Net profit attributable to shareholders reached 1.446 billion yuan, up 19.70% year-on-year [1] - Operating cash flow net amount increased by 380 million yuan year-on-year, with expectations for positive cash flow matching operational performance for the year [1] Pharmaceutical Distribution - Pharmaceutical distribution segment generated sales revenue of 67.634 billion yuan, a growth of 6.04% [1] - The self-operated revenue from the drug B2B platform reached 6.304 billion yuan, increasing by 14.62% [1] - The platform's SKU exceeded 460,000, with over 600,000 registered end-users, becoming a key driver for out-of-hospital digital distribution [1] Emerging Segments - Pharmaceutical manufacturing segment reported revenue of 1.593 billion yuan, a year-on-year increase of 10.77% [1] - Traditional Chinese medicine manufacturing achieved self-produced decoction pieces revenue of 1.222 billion yuan, up 13.16% [1] - Digital logistics and supply chain solutions generated revenue of 587 million yuan, growing by 24.66% [1] Medical Device Sector - Medical device segment maintained a leading position with revenue of 19.529 billion yuan, an increase of 18.34% [2] - Sales from the medical equipment production line reached 3.64 billion yuan, growing by 41% [2] - The OTC online business benefited from national subsidy policies, surpassing 500 million yuan in sales [2] New Retail Strategy - As of June, the company had 31,535 direct and franchise stores, covering 1,621 districts and counties [2] - Sales to franchise stores reached 3.418 billion yuan, a growth of 41.30% [2] - B2C e-commerce total sales revenue was 565 million yuan, with a single-day sales record of over 200 million yuan during the "618" promotion [2] AI Empowerment - In the first half of 2025, the company invested 146 million yuan in R&D, employing 1,557 R&D and technical personnel [3] - AI applications have been implemented in various scenarios, improving picking efficiency in smart warehouses by 10% [3] - The AI-assisted diagnosis platform covers 3,000 diseases and 110,000 drug knowledge, with an average monthly usage of 51,000 times [3] Future Outlook - The company aims to focus on new products, new retail, new healthcare, digitalization, and real estate securitization strategies [3] - Plans to consolidate distribution fundamentals while accelerating high-margin business growth and enhancing AI and digital integration [3]